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Philippine Standard Time:
13 June 2024, 02:12 AM

BOC Maintains Strong Revenue Collection Performance, Surpasses Targets for Fifth Consecutive Month

June 4, 2024

The Bureau of Customs (BOC) continues to improve its revenue collection efficiency, achieving yet another milestone by surpassing its collection target for the fifth consecutive month in May 2024. Preliminary reports indicate that the BOC collected an impressive PhP81.753 billion, exceeding its revenue target of PhP79.621 billion by 2.68%, equivalent to PhP2.132 billion.

This achievement marks a significant improvement compared to the PhP77.926 billion collected in May 2023, reflecting a growth of 4.911% or approximately PhP3.827 billion.

From January to May 2024, the BOC’s cumulative collection reached PhP381.347 billion, exceeding the target of PhP366.047 billion set for the first five months of the year. This year’s overall collection demonstrates a commendable 6.13% increase, equivalent to PhP22.039 billion, compared to the same period in 2023.

The BOC’s sustained revenue collection performance is credited to continuous monitoring of the values and classifications of imported commodities to ensure accurate duty and tax collection. Non-traditional sources, like audits and public auctions, also boosted revenue collection. Intensified border control and improved trade facilitation further contributed to consistent revenue efficiency. These efforts not only increase tax collection but also deter smuggling and illegal activities, leading to higher revenue collection.

The revenues collected by the BOC play a crucial role in developing vital infrastructure projects, improving educational facilities, enhancing healthcare services, and strengthening national security measures, ultimately fostering a conducive environment for sustainable economic growth and prosperity for all Filipinos.

Commissioner Bienvenido Y. Rubio expressed his gratitude for the dedication and hard work of the BOC personnel, attributing the success to their efforts in implementing effective strategies and measures to ensure efficient revenue collection.

“Guided by President Ferdinand R. Marcos, Jr., the BOC remains steadfast in its commitment of enhancing revenue collection and contributing to the economic growth of the country. We are proud of this achievement and will continue to work tirelessly to maintain this positive momentum,” said Commissioner Rubio.

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